Securities Finance January Snapshot 2026

In the securities‑lending market, revenues continued their remarkable expansion after a robust 2025, reaching a total of $1.23 billion for the month. All securities balances grew 27 % year‑on‑year, while average fees rose 5 %, arriving at an average of 0.41 %. The lendable inventory also breached the $50 trillion threshold during the period, marking another significant milestone for the industry.

Equity‑market performance was uniformly positive across the three major regions when compared with January 2025. In the Americas, equity revenues increased 15 % YoY despite an 11 % decline in average fees. Every country in the region posted growth, with Brazil standing out for a 332 % YoY surge in revenues to $23 million. Emerging‑market equities led the regional advance, as Mexican equity revenues climbed 79 % YoY, while U.S. and Canadian equity revenues slipped month-on-month. Balances remained elevated, with Brazilian equity balances expanding 147 % YoY.

The APAC and EMEA equity markets also posted strong gains, posting 66 % and 68 % year‑on‑year revenue growth respectively. Both regions saw increases in balances and average fees, accompanied by higher utilization rates. APAC revenues rose relative to December, achieving the highest monthly total since October 2025. Notably, Taiwan surpassed Hong Kong in total monthly revenues for the first time in many months, delivering over $75 million, the largest monthly figure seen for many months.

Exchange‑traded products (ETPs) and American Depositary Receipts (ADRs) continued to benefit from market volatility and geopolitical uncertainty, remaining essential tools for hedging and gaining sector‑ or country‑specific exposure. ETPs posted their highest monthly revenues since October 2025, driven by a renewed upward trend in average fees.

In the fixed‑income arena, government‑bond revenues fell relative to December but stayed at elevated levels. Average fees slipped by 1 basis point month‑on‑month, while utilization climbed to its highest point in 13 months. Corporate bonds, by contrast, enjoyed higher month‑over‑month balances and revenues, with utilization reaching its strongest level since September 2025.